| A | B |
|---|
| budget deficit | When the government spends more than its collects in taxes. |
| budget surplus | A situation when a government's revenues exceeds its expenditures during one year. |
| business | Any activity that seeks profit by providing goods or services to others. |
| business cycle | Repeated rise and fall of economic activity over time. |
| business ethics | The rules that govern how businesses should conduct themselves. |
| capital resources | Things such as buildings, materials, and equipment used to produce goods and services. |
| code of ethics | A strict set of guidelines in a profession of company for upholding ethical behavior in the workplace. |
| command economy | A system in which a central authority figure such as the state makes the key economic decisions. |
| competition | The contest between businesses to win customers. |
| conflict of interest | When a business puts its interests before the interests of society. |
| consumer | A person who selects, purchases, uses, or disposes of goods or services |
| deflation | A general decrease in the costs of goods and services. |
| demand | The amount of goods and services that consumers are willing to buy at various prices. |
| depression | A period of severe economic decline. |
| economics | The study of how society chooses to use resources to produce and distribute goods and services for people's consumption. |
| entrepreneurial resources | The initiative to improve goods and services or create new ones. |
| Environmental Protection Agency | A federal agency that enforces rules to protect the environment and control pollution. |
| Equal Pay Act | A federal law requiring that men and women be paid the same wages for doing equal work. |
| equilibrium supply | The price at which the amounts of good producers supply meets the amount of goods consumers demand. |
| ethics | A set of moral principles by which people conduct themselves personally, socially, or professionally. |
| factors of production | The economic resources used to produce goods and services. |
| Food and Drug Administration | A government agency that protects consumers from dangerous or falsely advertised products. |
| goods | Material things that can be weighted or measured. |
| gross domestic product (GDP) | The monetary amount of all the goods and services produced in the country in a given year. |
| human resources | The knowledge, efforts, and skills people bring to their work, also called labor. |
| inflation | A general rise in the prices of goods and services. |
| market economy | A system in which economic decisions are made in the marketplace according to the laws of supply and demand. |
| mixed economy | A combination of a command and a market economy. |
| national debt | The total amount of money a government owes. |
| natural resources | The raw materials found in nature. |
| needs | Things we must have to survive. |
| Occupational Safety and Heath Administration | A division of the Department of Labor that sets and enforces work-related health and safety rules. |
| profit | The amount of money left over after a business has paid for the cost of producing its goods and services. |
| prosperity | The peak of economic activity. |
| recession | A time when economic activity slows down. |
| recovery | A rise in economic activity after a recession or depression. |
| resources | Any thing that people can use to make or obtain what they want or need. |
| scarcity | The shortage of economic resources. |
| services | Tasks that people or machines perform. |
| social responsibility | The obligation to do what is best for the welfare of society. |
| standard of living | The amount of goods and services the average person can buy. |
| supply | The amount of goods and services that producers will provide at various prices. |
| sweatshops | Factories that pay poorly, have unsafe working conditions, and treat workers badly. |
| wants | Things we wish we could have. |
